The affirmations are based on overall stable performance of the
underlying collateral pool. As of year-end 2015, aggregate pool-level
NOI has improved 4.8% from 2014 and remains 2.5% higher than issuance.
As of the September 2016 remittance, the pool's aggregate principal
balance has been reduced by 2.4% to $1.056 billion from $1.082 billion
at issuance.

There have been no delinquent, specially serviced or defeased loans
since issuance. Nine loans appear on the servicer's watchlist (9.3%) due
to declines in Debt Service Coverage Ratio (DSCR), large tenant lease
expiration, and a major casualty event. In particular, The Palms at
Westheimer (2.2% of the pool) was affected by two incidences of fire in
December 2015 displacing residents and destroying multiple units. The
borrower has stated 52 of 798 units were taken off-line and are in the
process of being restored. Since the fire, the borrower has made timely
payments and an insurance check was deposited into a loss draft account.
The borrower has sufficient loss business coverage extending for 12
months.

The Dolfield Business Park loan (0.9%) is a notable Fitch Loan of
Concern due to a substantial decline in occupancy to 39% from 91% due to
several large tenants vacating at lease expiration. The loan is secured
by a 71,400 sf office property in Owings Mills, MD. The borrower has
several parties interested in the vacant space.

The pool has two properties, Rivertowne Commons and Springfield Plaza
(7.2%) with exposure to K-Mart as a tenant. K-Mart represents at least
20% of the NRA at each property. Although neither store was listed on
any recent closing list, the exposure remains a concern based on the
distressed credit of the retailer and pattern of frequent store closures.

This pool has an above-average concentration of multifamily properties,
which represent 25.6% of the total pool balance. This is above the
average concentrations of 12.2% for the 2013 vintage for Fitch-rated
transactions. Additionally, this transaction has a below-average
concentration of hotel properties, which represent 8.5% of the total
pool balance; the 2013 vintage average hotel concentration was 14.2%.

The largest loan in the pool, Jordan Creek Town Center (10.9% of the
pool), is a 10-year amortizing loan. The loan is subject to a $100
million pari passu note which is part of the JPMCC 2014-C18 transaction.
The collateral consists of 503,034 sf of a 1.1 million-sf regional mall
located in West Des Moines, IA. The property is anchored by Dillard's
(non-collateral), Younkers (non-collateral) and Scheels All Sports.
Sponsored by GGP, the loan is performing in line with expectations at
issuance. As of June 2016, the mall was 94% occupied, compared to 95% at
issuance. The servicer reported second quarter 2016 (2Q16) DSCR was
1.66x, compared to 1.63x at year-end (YE) 2015 and 1.59x at issuance.
The Des Moines market is experiencing substantial growth with numerous
development projects slated for completion including new retail
developments, residential projects and several billion-dollar data
centers planned by Google, Microsoft and Facebook.

The second largest loan, EIP National Portfolio (8.8%), is secured by
seven industrial buildings encompassing 3.2 million sf. The properties
are located in six states, with two in Ohio and one each in Illinois,
Florida, Pennsylvania, Texas and Michigan. The portfolio is currently
leased to seven tenants: Toys 'R' Us, Staples (rated 'BBB-'), Rite-Aid,
International Paper Company, Plastipak Packaging, HEB Grocery Company
and Commonwealth, Inc. As of March 2016, the portfolio was 100% occupied
with reported DSCR of 1.72x. Three tenants (50% of NRA) have extended
lease terms since issuance, including the largest tenant in the
portfolio, Toys 'R' Us (20%), and the second largest tenant, Staples
(17%) which renewed for seven and 10 years, respectively. The Toys 'R'
Us at the Youngstown, OH location was replaced by HMS Manufacturing Co.
on a lease through 2022. Rite-Aid (13%) also renewed for five years,
which mitigates the risk of closure due to the proposed acquisition of
Rite-Aid by Walgreens Boots Alliance.

The third largest loan, The Aire (8.4%), is secured by a 43-story luxury
multifamily building located on the Upper West Side of Manhattan. The
property is a 310-unit, 42-story luxury residential building constructed
in 2010 that features numerous amenities and high-end finishes. Lincoln
Center and The Julliard School are located across the street from The
Aire, and Central Park, Riverside Park and The Shops at Columbus Circle
are within walking distance. The loan is subject to a $135 million pari
passu note, which is part of the JPMCC 2013-C16 transaction. The
collateral is performing in line with underwritten expectations with
occupancy of 95% (as of June 2016) and second quarter 2016 DSCR of
1.77x, compared to the 92% occupancy and 1.16x DSCR at issuance.
According to Reis' 2Q16 report, the Upper West Side submarket of
Manhattan had an apartment vacancy rate of 4.3% with average asking
rents of $5,006. The subject is performing in-line with the submarket.

RATING SENSITIVITIES

Rating Outlooks for all classes remain Stable due to overall stable
performance of the pool and continued amortization. Upgrades may occur
with improved pool performance and significant paydown or defeasance.
Downgrades to the classes are possible should overall pool performance
decline. Fitch will continue to monitor the performance of the
properties with exposure to K-Mart and the potential for closure.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in
relation to this rating action.

Fitch affirms the following classes:

--$35.9 million class A-1 at 'AAAsf'; Outlook Stable;

--$67.6 million class A-2 at 'AAAsf'; Outlook Stable;

--$210 million class A-3 at 'AAAsf'; Outlook Stable;

--$319.1 million class A-4 at 'AAAsf'; Outlook Stable;

--$98.6 million class A-SB at 'AAAsf'; Outlook Stable;

--$83.9 million** class A-S at 'AAAsf'; Outlook Stable;

--$815.1 million* class X-A at 'AAAsf'; Outlook Stable;

--$62.2 million** class B at 'AA-sf'; Outlook Stable;

--$47.3 million** class C at 'A-sf'; Outlook Stable;

--$193.4 million** class EC at 'A-sf'; Outlook Stable;

--$48.7 million class D at 'BBB-sf'; Outlook Stable;

--$21.6 million class E at 'BBsf'; Outlook Stable;

--$12.2 million class F at 'Bsf'; Outlook Stable.

* Notional amount and interest-only.

** Class A-S, B and C certificates may be exchanged for a related amount
of class EC certificates, and class EC certificates may be exchanged for
class A-S, B and C certificates

Fitch does not rate the class NR and X-C certificates. Fitch previously
withdrew the rating on the interest-only class X-B certificates.

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